The Hive Project reaches initial $5m investment target

New working marketplace and Hive Project Invoice Financing Fund (HVNX) combine to facilitate SME access to working capital

The Hive Project, the first cryptocurrency-based invoicing platform focused on providing liquidity pools for SMEs, today announced it has exceeded its initial milestone of raising over BTC 1,500 — equivalent to more than USD $5M, from over 1,500 global supporters.

The Hive Project was conceived to address the difficulties encountered by SMEs worldwide when trying to access liquidity from traditional financial institutions. The Hive Project’s end-to-end platform based on the Ethereum blockchain and smart-contract functionality, removes the barriers to obtaining working capital through automating previously manual and time-consuming processes such as credit scoring assessments and auditing.

With over a week left until the ICO ends, we have no intention of resting on our laurels,” said Jure Soklic, co-founder and CEO. “Our primary focus now is to increase the size of the HVNX liquidity pool which will serve to accelerate adoption of the platform by both SMEs and contributors alike. Put simply, the faster we can start buying invoices from SMEs, enabling them to turn invoices into tradable assets, the faster the marketplace will evolve.

The BTC 1,500 collected will be devoted solely to technical infrastructure enhancements, marketing and implementation of the platform. Once BTC 2,000 has been collected, the extra BTC 500 will be set aside for the HVNX. All funds raised above BTC 2,000, with a target set at 10,000 BTC, will be split linearly between the liquidity pool and the development fund.

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